PWRD(SZ:002624) Xin Lang Cai Jing·2025-04-29 02:43Performance Overview - In 2024, the company achieved operating revenue of 5.57 billion, a year-on-year decline of 28.50% [1] - The net profit attributable to shareholders was -1.29 billion, and the net profit excluding non-recurring items was -1.31 billion [1] - In Q1 2025, the company reported operating revenue of 2.02 billion, a year-on-year increase of 52.22% [1] - The net profit attributable to shareholders in Q1 2025 was 0.30 billion, a year-on-year increase of 1115.29% [1] - The proposed cash dividend for 2024 is 2.3 per 10 shares (including tax) [1] Gaming Business Performance - In 2024, the gaming business generated revenue of 5.18 billion, a year-on-year decline of 22.32% [2] - The gaming segment reported a net loss attributable to shareholders of -0.73 billion and a net loss excluding non-recurring items of -0.69 billion [2] - Losses in the gaming business were primarily due to underperformance of several projects, leading to project shutdowns and personnel optimization [2] - Successful launches included "Persona: Nightshade" and "The Legend of Zhu Xian," which received positive market feedback [2] New Game Development - The company is actively advancing new projects, including "Zhu Xian 2" and the original open-world RPG "Yi" [3] - "Zhu Xian 2" has begun multiple rounds of testing and has received mobile and client version approvals [3] - "Yi" is set to launch on multiple platforms globally, with positive discussions on its features [3] - The company is also working on the overseas release of "Persona: Nightshade" in Japan and Europe [3] Film and Television Business - The film and television segment is focusing on a "quality over quantity" strategy, with several well-produced series released in 2024 [3] - The company has entered the short drama market, launching a micro-drama channel that has gained popularity [3] Profit Forecast - The company has raised its profit forecast, expecting net profits of 0.74 billion, 1.06 billion, and 1.21 billion for 2025-2027, representing year-on-year growth of 157.6%, 43.0%, and 14.4% respectively [4] - Corresponding PE ratios are projected at 32, 23, and 20 times [4]